There are some VERY highly priced CJ commissions out there. Just take a look at Web Design. The top advertiser: BigCommerce. Those guys are paying out $75 if you sell someone the minimal $25 package.
Now I understand this is a bad example because you shouldn't expect to get $0.05-$0.10 clicks bidding for web design keywords, but you see what I mean?
But let's say you got the keywords for $1 per click (I understand this is ALSO unrealistic but this is hypothetical). If you can convert 1 in every 45 visitors, you are making a pretty nice looking profit of $30 every 45 visitors.
To shorten it up and draw a conclusion: yes it is possible but it will take a helluva lot of research and luck finding a product that pays high but has low PPC rates.